DFNL vs. RULE ETF Comparison

Comparison of Davis Select Financial ETF (DFNL) to Adaptive Core ETF (RULE)

DFNL

Davis Select Financial ETF

DFNL Description

The investment seeks long-term growth of capital. The fund's investment adviser, uses the Davis Investment Discipline to invest, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes in securities issued by companies principally engaged in the financial services sector. The fund's portfolio, generally, contains between 15 and 35 companies. It invests, principally, in common stocks. The fund may invest in large, medium or small companies without regard to market capitalization and may invest in issuers in foreign countries, including countries with developed or emerging markets. It is non-diversified.

Grade (RS Rating)

Last Trade

$32.33

Average Daily Volume

9,041

Number of Holdings ^*

* may have additional holdings in another (foreign) market

RULE

Adaptive Core ETF

RULE Description

Adaptive Core ETF seeks current income. The fund invests in individual equity securities without regard to market capitalization and ETFs that invest in equity securities of any market capitalization including convertible equity securities and fixed income ETFs. The fund’s portfolio may hold securities from issuers of any market capitalization, credit quality, maturity, or country. Fixed income securities may include securities with credit quality below investment grade (commonly referred to as “junk bond” credit quality).

Grade (RS Rating)

Last Trade

$21.17

Average Daily Volume

7,167

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	DFNL	RULE
30 Days	-2.96%	-3.78%
60 Days	2.91%	-3.41%
90 Days	5.56%	2.66%
12 Months	22.46%	10.88%

4 Overlapping Holdings

Symbol	Grade	Weight in DFNL	Weight in RULE	Overlap
BK	A	5.14%	3.46%	3.46%
BRK.A	C	7.33%	3.43%	3.43%
COF	A	9.63%	3.45%	3.45%
WFC	A	5.97%	3.55%	3.55%

DFNL Overweight 16 Positions Relative to RULE

Symbol	Grade	Weight
JPM	B	6.47%
MKL	B	5.59%
CB	B	5.45%
FITB	A	5.36%
AXP	A	4.78%
USB	C	4.6%
PNC	A	4.58%
L	C	3.4%
TFC	A	2.8%
BAC	A	2.53%
RKT	C	2.37%
NTB	A	1.78%
MTB	A	1.48%
STT	C	1.4%
SCHW	A	1.39%
EG	D	1.1%

DFNL Underweight 24 Positions Relative to RULE

Symbol	Grade	Weight
CRWD	D	-5.25%
URI	C	-3.74%
META	D	-3.72%
APH	A	-3.71%
XOM	A	-3.61%
HUBS	B	-3.56%
MCHP	A	-3.53%
AAPL	F	-3.52%
K	A	-3.51%
FCX	A	-3.49%
WMB	A	-3.49%
PAYX	D	-3.48%
WM	B	-3.47%
FSLR	B	-3.43%
TGT	D	-3.43%
CMI	B	-3.37%
GD	A	-3.35%
ETN	A	-3.35%
SQ	D	-3.35%
LRCX	C	-3.33%
LIN	C	-3.2%
CMG	A	-3.05%
GPN	D	-3.0%
NVDA	B	-1.59%